Unlike the stagnation afflicting Toronto and Vancouver, the uptick in Ottawa’s May 2025 resale market shows home sales are holding steady, according to the Ottawa Real Estate Board.
Realtors sold 1,807 units last month through the board’s Multiple Listing Service (MLS). This represented a 33 per cent jump from April, which saw a slowdown, as well as an increase of almost 15 per cent over May 2024.
May was the first month this year that sales had not slipped compared to the same month last year.
The sales increase “suggests we’re experiencing a delayed spring market,” said board president Paul Czan in a statement. “April’s federal election took up real estate in consumers’ minds. Now, we’re seeing a shift in the marketplace … Buyers appear to be gaining confidence, re-entering the market and transacting.”
Prices, listings and inventory
At $700,000, the benchmark price for single-family homes hardly budged compared to the same month last year. Townhouse/row units, by contrast, increased more than three per cent to $446,900, while condo apartments dropped 3.6 per cent to $404,700.
“Buyers and sellers are still able to transact fairly, with sale prices remaining close to list, even amid broader economic uncertainty,” said Czan. “And the Bank of Canada’s recent decision to hold the key interest rate steady may spur more activity.”
There were 3,430 new listings last month, an increase of almost nine per cent over last May and close to 16 per cent above the five-year average. Last month’s 4,347 active residential listings were also up over last year and compared to the five-year average.
Months of inventory remained steady at 2.4 in May 2025, unchanged from last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
